Just in time for the 2023 NewFronts, the IAB released new research on the growth of video ad spend universe. Perhaps not surprisingly, connected TV spending is booming.
So much so that it’s quickly becoming on par with traditional TV, Eric John, Vice President, Media Center, IAB told Beet.TV.
“CTV is an incredibly high focused area for brands,” he said. It’s expected to jump 23% this year, and start to eat into the $70 billion-plus TV ad market in the US. “That long awaited inflection point,” said John. “It’s happening.”
Another inflection point may be just on the horizon. John said one of the more revealing aspects of the research is that brands and media buyers are showing an increased willingness to consider creator content in the same set at premium TV.
“69% of brands and buyers say that social video can be premium,” said John. “They are starting to move their spend fluidly.”